THE MORATORIUM.
EXPIRES ON JULY 31st NEXT,
The Mortgages Extension Bill, which has been under the consideration of a committee of the House, was reported on Tuesday with important amendments.
Air Rollestou said the position was that under the Bill, as amended by the committee, the term of the moratorium would expire on July 31, 1925. By March 31, 1925, every mortgagor would have to have his application for relief in. It would then ho known how many mortgages were affected by the Bill. Between March 31 and July 31 Parliament would have met and if there were as many cases of hardship as was predicted by some, the House still would have an opportunity of dealing with them.
Satisfactory evidence had not been obtained by the committee as to the amount of money involved. Some witnesses said £00,000,000 or £70,000,000 was affected by the moratorium, but the committee had no proof or statistics whatever. If this amendment were agreed to the information would be found. Mr McCombs said there had been dissent in the committee from what had been decided, but he thought the House would be wise in accepting what had been proposed by the committee. If it was found that there were only a. very few people affected and the Advances Department could get them out of their difficulties, well and good, but up to the present, the House had been legislating in the dark. ]VIr Massey said that so far as March 31 was concerned, it now took the place of December 31, and he thought that was au improvement on the Bill ui its original form. December was not at all a suitable date. The other amendment of the date lie did not quite agree with, but he was quite prepared to accept the decision of the House. He should have preferred to have seen ihe moratorium close on March 31, because he knew it was doing injury to those settlers who required, borrowed money. People who possessed capital did not like what was taking place and they looked upon it as a breach of contract and for that reason he would have liked to get rid' of the idea, especially when arrangements had been made for a very large sum of money to provide £400,000 a month for advances to settlers. There was quite sufficient money to go on with, and more would be provided as required. His objection to July was that it brought us into another session. It had the advantage that wie would know where we stood, but if it got into another session there was no knowing' how long it would drag ou.
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Manawatu Herald, Volume XLVI, Issue 2783, 11 September 1924, Page 3
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443THE MORATORIUM. Manawatu Herald, Volume XLVI, Issue 2783, 11 September 1924, Page 3
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